Meerkat isn't so much a product, but a feature. It should have been a feature of Google+ Hangouts on air. It still can be. Google can own this.

Google needs only to:

1. Enable Hangouts on air from smartphones

2. Add the option for "ephemerality" (don't record video)

3. Put the comments on a live-stream's G+ post on top of the video.

Meerkat is awesome, but it's only a matter of time before its popularity crushes the Meerkat servers.

Google, on the other hand, has the infrastructure and expertise to scale this up. When Meerkat starts displaying a "fail ferret," or whatever, Google needs to be there with a robust, cross-platform alternative.

If you don't understand the Meerkat phenomenon, here's my opinion on why Meerkat works and is more compatible with mainstream usage than Hangouts on Air.